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After The Boom Commodity Prices And Economic Growth In Latin America And The Caribbean
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Book Synopsis After the Boom–Commodity Prices and Economic Growth in Latin America and the Caribbean by : Bertrand Gruss
Download or read book After the Boom–Commodity Prices and Economic Growth in Latin America and the Caribbean written by Bertrand Gruss and published by International Monetary Fund. This book was released on 2014-08-14 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: After skyrocketing over the past decade, commodity prices have remained stable or eased somewhat since mid-2011—and most projections suggest they are not likely to resume the upward trend observed in the last decade. This paper analyzes what this turn in the commodity price cycle may imply for output growth in Latin America and the Caribbean. The analysis suggests that growth in the years ahead for the average commodity exporter in the region could be significantly lower than during the commodity boom, even if commodity prices were to remain stable at their current still-high levels. Slower-than-expected growth in China represents a key downside risk. The results caution against trying to offset the current economic slowdown with demand-side stimulus and underscore the need for ambitious structural reforms to secure strong growth over the medium term.
Book Synopsis Beyond Commodities by : Jorge Thompson Araujo
Download or read book Beyond Commodities written by Jorge Thompson Araujo and published by World Bank Publications. This book was released on 2016-11-09 with total page 175 pages. Available in PDF, EPUB and Kindle. Book excerpt: Beyond Commodities shows that Latin America and the Caribbean’s growth performance over the last decade cannot be reduced to the commodity boom: growth-promoting reforms that strengthened financial development, increased trade openness and improved infrastructure development also played a significant role and can continue doing so. Based on the econometric analysis of panel data from the 1970-2010 period for 126 countries, the study shows that, while the commodity boom facilitated growth in most of the region, it did not determine it. Domestic pro-growth policies and the maintenance of a sound macro-fiscal framework played a central role in explaining the region’s good performance during last decade. It also shows that new growth “stars†? such as Panama, Peru, Colombia and the Dominican Republic emerged during this period. In addition, a benchmarking exercise reveals which policy gaps will lead to the highest potential growth-payoffs for each country and helps identify potential trade-offs. Finally, with the worsening of external conditions, the authors conclude that the countries of Latin America and the Caribbean have no choice but to turn their attention to domestic drivers to keep growth going, as the structural reforms agenda remains unfinished.
Book Synopsis Depressed Commodity Prices by : Gary Linden
Download or read book Depressed Commodity Prices written by Gary Linden and published by . This book was released on 1993 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Economic Growth in Latin America and the Caribbean by : Norman Loayza
Download or read book Economic Growth in Latin America and the Caribbean written by Norman Loayza and published by World Bank Publications. This book was released on 2005-01-01 with total page 169 pages. Available in PDF, EPUB and Kindle. Book excerpt: Several countries in Latin America and the Caribbean are suffering severe economic downturns and the success of market-oriented reforms is being called into question. This report seeks to contribute to the debate by examining the nature of economic growth in the region. The aim is threefold: to describe the basic characteristics of growth; explain differences across countries and to forecast changes over the next decade.
Book Synopsis One Region, Two Speeds? by : Inter American Development Bank
Download or read book One Region, Two Speeds? written by Inter American Development Bank and published by Inter-American Development Bank. This book was released on 2011-03-10 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aftermath of the global financial crisis has reshaped world growth and demand patterns, leading to a two-speed recovery, with slow growth in industrial countries and fast growth in emerging markets. This new global scenario is defining a constellation of global macroeconomic conditions that has very different implications for subsets of countries in Latin America and the Caribbean. The report conveys three key messages: first, in this new global economic environment, key structural characteristics of Latin American and Caribbean countries are defining two quite different regional clusters in terms of opportunities and challenges ahead. Second, substantial changes in trade and capital flow patterns, as well as in the international financial architecture, are already taking place and will impact the regional clusters in different ways. Third, economic policy design will have to accommodate these differences in order to ensure widespread and stable growth.
Book Synopsis After the Boom–Commodity Prices and Economic Growth in Latin America and the Caribbean by : Bertrand Gruss
Download or read book After the Boom–Commodity Prices and Economic Growth in Latin America and the Caribbean written by Bertrand Gruss and published by International Monetary Fund. This book was released on 2014-08-15 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: After skyrocketing over the past decade, commodity prices have remained stable or eased somewhat since mid-2011—and most projections suggest they are not likely to resume the upward trend observed in the last decade. This paper analyzes what this turn in the commodity price cycle may imply for output growth in Latin America and the Caribbean. The analysis suggests that growth in the years ahead for the average commodity exporter in the region could be significantly lower than during the commodity boom, even if commodity prices were to remain stable at their current still-high levels. Slower-than-expected growth in China represents a key downside risk. The results caution against trying to offset the current economic slowdown with demand-side stimulus and underscore the need for ambitious structural reforms to secure strong growth over the medium term.
Book Synopsis Natural Resources in Latin America and the Caribbean by : Emily Sinnott
Download or read book Natural Resources in Latin America and the Caribbean written by Emily Sinnott and published by World Bank Publications. This book was released on 2010-01-01 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The question of how to treat commodity production and how to manage recurrent cycles of booms and busts has always been a challenge for policymakers in commodity-dependent countries, including many in the LAC region. These challenges have led to allegations of a "commodity curse'' that retards development in these countries, but as of yet, there is no consensus as to whether such a curse exists, and if so, how can negative effects be minimized. This book contributes to this debate. Much of the report is focused on an examination of specific channels through which commodity dependence may affect the economic and institutional development of countries. This includes broadly 4 sets of concerns: one set dealing with the direct economic effects of commodity dependence and the implications for long-term growth; one dealing with the interactions between commodity production and the rents it generates on the one hand, and a country's institutions on the other; a third dealing with the macroeconomic challenges of managing the volatility of revenue flows, including the distributional implications at the household level posed by cyclicality of social spending; and a final set associated with potential negative environmental and social impacts. The book finds that some commonly accepted negative effects of dependence on natural resources are largely myths, while some are realities. But all can be managed, and the book draws on the best available information in existing literature as well as original analysis to provide practical advice on how to do so. It also presents descriptive facts and analysis of the impacts in LAC of the recent commodity boom, helping the reader understand the implications for the region's development and policies. It should be of great interest to policy-makers and analysts, as well as laypersons interested in the economics of commodity markets and their role in economic development."
Book Synopsis Commodity Cycles, Inequality, and Poverty in Latin America by : Mr. Ravi Balakrishnan
Download or read book Commodity Cycles, Inequality, and Poverty in Latin America written by Mr. Ravi Balakrishnan and published by International Monetary Fund. This book was released on 2021-04-26 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past decades, inequality has risen not just in advanced economies but also in many emerging market and developing economies, becoming one of the key global policy challenges. And throughout the 20th century, Latin America was associated with some of the world’s highest levels of inequality. Yet something interesting happened in the first decade and a half of the 21st century. Latin America was the only region in the World to have experienced significant declines in inequality in that period. Poverty also fell in Latin America, although this was replicated in other regions, and Latin America started from a relatively low base. Starting around 2014, however, and even before the COVID-19 pandemic hit, poverty and inequality gains had already slowed in Latin America and, in some cases, gone into reverse. And the COVID-19 shock, which is still playing out, is likely to dramatically worsen short-term poverty and inequality dynamics. Against this background, this departmental paper investigates the link between commodity prices, and poverty and inequality developments in Latin America.
Book Synopsis Fiscal Rules and Economic Size in Latin America and the Caribbean by : Fernando Blanco
Download or read book Fiscal Rules and Economic Size in Latin America and the Caribbean written by Fernando Blanco and published by World Bank Publications. This book was released on 2020-10-10 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following the collapse of commodity prices in Latin America and the Caribbean (LAC) in 2014-15, many countries in the region were unable to cushion the impact of the shock in order to experience a more gradual adjustment, to a large extent because they had not built adequate fiscal buffers during the commodities’ windfall from 2010-14. Many LAC countries entered 2020 and the COVID-19 crisis in an even more difficult position, with rising debt and limited fiscal space to smooth the negative impacts of the pandemic and adequately support their economies. Fiscal policy in most LAC countries has been procyclical. Public expenditure and debt levels have expanded in good times and contracted in severe downswings due to insufficient fiscal buffers, making crises deeper. Fiscal rules represent a promising policy option for these and other economies. If well-designed and implemented, they can help build buffers during periods of strong economic performance that will be available during rainy days to smooth economic shocks. This book—which was prepared before the COVID-19 crisis—reviews the performance and implementation of different fiscal rules in the region and world. It provides analytical and practical criteria for policy makers for the design, establishment, and feasible implementation of fiscal rules based on each country's business cycle features, external characteristics, type of shocks faced, initial fiscal conditions, technical and institutional capacities, and political context. While establishing new fiscal rules would not help to attenuate the immediate effects of this pandemic crisis, higher debt levels in the aftermath of COVID-19 will demand rebuilding better and stronger institutional frameworks of fiscal policy in LAC and emerging economies globally. Having stronger fiscal mechanisms that include fiscal rules can help countries prepare for the next crisis and should be on the front burner for policy makers in coming years. The findings and lessons discussed apply to economies of different sizes, with some differences under certain scenarios in terms of the technical design and criteria needed for implementation. In this book, policy makers will find that fiscal rules, if tailored to country characteristics, can work and be an essential fiscal tool for larger and particularly smaller economies.
Book Synopsis The Dynamic Effects of Commodity Prices on Fiscal Performance in Latin America by : Leandro Medina
Download or read book The Dynamic Effects of Commodity Prices on Fiscal Performance in Latin America written by Leandro Medina and published by International Monetary Fund. This book was released on 2010-08-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent boom and bust in commodity prices has raised concerns about the impact of volatile commodity prices on Latin American countries’ fiscal positions. Using a novel quarterly data set-which includes unique country-specific commodity price indices and a comprehensive measure of public expenditures-this paper analyzes the dynamic effects of commodity price fluctuations on fiscal revenues and expenditures for eight commodity-exporting Latin American countries. The results indicate that Latin American countries’ fiscal positions react strongly to shocks to commodity prices, yet there are marked differences across countries. Fiscal variables in Venezuela display the highest sensitivity to commodity price shocks, with expenditures reacting significantly more than revenues. At the other end of the spectrum, in Chile expenditure reacts very little to commodity price fluctuations, and the dynamic responses of its fiscal indicators are very similar to those seen in high-income commodity-exporting countries. This distinct behavior across countries may relate to institutional arrangements, which in some cases include the efficient application of fiscal rules amid political commitment and high standards of transparency.
Book Synopsis The World of Forking Paths by : Alessandro Rebucci
Download or read book The World of Forking Paths written by Alessandro Rebucci and published by Inter-American Development Bank. This book was released on 2012-03-15 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report details the divergent paths that the world economy may take and their potential effects on Latin America and the Caribbean. Scenarios are constructed employing a modeling exercise that captures the trade, financial and other linkages between the region and the rest of the world. While vulnerabilities remain and external shocks have been and remain critical, the region enjoys many strengths and has developed a growing arsenal of policy tools. What is the balance of vulnerabilities versus strengths? How can countries address the existing vulnerabilities? How can they perfect their policy tools and minimize the effect of external crises?
Book Synopsis Why Latin American Nations Fail by : Esteban Pérez Caldentey
Download or read book Why Latin American Nations Fail written by Esteban Pérez Caldentey and published by Univ of California Press. This book was released on 2017-10-03 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: The question of development is a major topic in courses across the social sciences and history, particularly those focused on Latin America. Many scholars and instructors have tried to pinpoint, explain, and define the problem of underdevelopment in the region. With new ideas have come new strategies that by and large have failed to explain or reduce income disparity and relieve poverty in the region. Why Latin American Nations Fail brings together leading Latin Americanists from several disciplines to address the topic of how and why contemporary development strategies have failed to curb rampant poverty and underdevelopment throughout the region. Given the dramatic political turns in contemporary Latin America, this book offers a much-needed explanation and analysis of the factors that are key to making sense of development today.
Book Synopsis Globalization and Development by : José Antonio Ocampo
Download or read book Globalization and Development written by José Antonio Ocampo and published by Stanford University Press. This book was released on 2003 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: Globalization and Development draws upon the experiences of the Latin American and Caribbean region to provide a multidimensional assessment of the globalization process from the perspective of developing countries. Based on a study by the United Nations Economic Commission for Latin America and the Caribbean (ECLAC), this book gives a historical overview of economic development in the region and presents both an economic and noneconomic agenda that addresses disparity, respects diversity, and fosters complementarity among regional, national, and international institutions. For orders originating outside of North America, please visit the World Bank website for a list of distributors and geographic discounts at http://publications.worldbank.org/howtoorder or e-mail [email protected].
Book Synopsis The Aftermath of the Crisis by : Ernesto Talvi
Download or read book The Aftermath of the Crisis written by Ernesto Talvi and published by Inter-American Development Bank. This book was released on 2010-03-22 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the aftermath of the direst global crisis in recent times, Latin America and the Caribbean have shown remarkable resilience. The aim of this report is threefold: first, to understand the sources of this resilience, identifying the role played by unprecedented international financial support on the one hand, and the strength of domestic macroeconomic fundamentals on the other; second, to highlight the policy lessons that emerge from this analysis both for the region and the international financial community; and finally, to identify critical macroeconomic policy challenges for the region.
Book Synopsis Productivity Growth in Latin American and the Caribbean by : Jorge Thompson Araujo
Download or read book Productivity Growth in Latin American and the Caribbean written by Jorge Thompson Araujo and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper brings together the main findings and policy implications of two recent World Bank regional reports on economic growth in Latin America and the Caribbean: Araujo, Vostroknutova, Wacker and Clavijo, eds. (2016) and Araujo, Vostroknutova, Brueckner, Clavijo, and Wacker (2016). In doing so, the paper focuses on finding the right balance between micro- and macro-inference when thinking about growth in Latin America and the Caribbean. The paper documents the region's growth performance over the past decade, highlighting the roles played by the commodity boom, macroeconomic stabilization and structural reforms. It notes that, despite faster growth during the first decade of this century, the region failed to achieve sustained convergence towards higher income levels. The paper points out that the persistent income gap could be reduced through: (i) increasing focus on closing the efficiency gap - beyond mere factor accumulation; (ii) eliminating distortions that cause misallocation of resources will also improve the incentives to innovate; (iii) identifying the main country-specific constraints to growth instead of looking for universal recipes; (iv) containing macroeconomic volatility, thereby alleviating the negative impact of persistent poverty on growth; and (v) improving the composition of public spending.
Book Synopsis Latin America and the Caribbean by :
Download or read book Latin America and the Caribbean written by and published by . This book was released on 1992 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Honoring the Past, Building the Future by : Ricardo Ávila
Download or read book Honoring the Past, Building the Future written by Ricardo Ávila and published by Inter-American Development Bank. This book was released on 2009-01-01 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although science has unlocked the secrets of the human genome, the causes of social and economic development remain stubbornly enigmatic. Why do some countries adopt new technologies more readily than others? Why does income inequality persist in some regions--even in the face of rapid economic growth? Why do some societies welcome the challenges of globalization while others attempt to turn back the tide? Honoring the Past, Building the Future examines these and many related questions through the experience of Latin America and the Caribbean. In an accessible, journalistic style, author Ricardo Ávila explores a tumultuous half-century in which the region went from backwater to breadbasket, from dictatorship to democracy, and from economic basket case to emerging power.
